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Answer

Expert Answer

One approach is to be upfront with creditors. For instance, you might tell them that you’d like to avoid insolvency, but that you’d need all of them to agree to accept a lesser amount. This approach can work effectively—as long as it’s true, however. You likely won’t be surprised to discover that creditors often hear this—and other things—regularly.

This news is often better coming from an independent professional who can give an impartial view on the situation. Give us a call on 0330 159 8080 and we can discuss some options with you.